Wealth Access Report FINAL - Flipbook - Page 17
“You have to have that quick win [so] you can take the
next step. Some folks have these giant dreams, and then
they’re on year five of a three-year plan and they have no
idea where to go from here.”
Andy Zinn, Wealth Access
tions and solve pain points. They also help identify what type
of how to construct and build these programs, what a good
of data should be used for an analysis and work closely with
program looks like and what pitfalls to avoid.
the data analysts to vet, extract and validate that information.
But it’s one thing to come up with a plan and buy data
storage and visualization solutions. It’s an entirely different
For a data strategy checklist, go to page 19.
challenge to put this plan into motion. These projects are
complicated and complex; they carry large operational and
management risks. There’s a reason why these projects are
expensive and time-consuming; there’s also a reason why
Klemenz thinks these distinct roles are important to operat-
executives interviewed for this report say they’ll never end.
ing a successful data initiative and says sometimes things go
Use cases beget use cases; data begets data.
wrong when institutions blend the roles. Data analysts who
query and pull data don’t always know what different busi-
The work doesn’t change once these plans are in motion:
ness lines need and what information would solve their ques-
outline a strategy, execute it, use the data. Rinse and repeat.
tions. Or they could become so focused on solving the data
architecture and engineering issues that they’re too busy to
Kiah Lau Haslett is the banking & fintech editor for
Bank Director.
pull queries for the business analysts.
Community banks starting an important data initiative may
want to consider hiring talent from institutions that have a
vision of what these projects look like and can accomplish,
says Singh, who joined Choice Financial from JPMorgan
Chase & Co. Executives from larger banks will have a sense
EFFECTIVE DATA MANAGEMENT: CRAFTING YOUR DATA STRATEGY | 15
